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Sammaan Capital to sell billion-dollar stake to Abu Dhabi's biggest listed company
The Sammaan-IHC deal at 18% discount to current share price raises concerns over valuations. Also, IHC can now reconstitute the board of Sammaan Capital.
Sammaan Capital Ltd. has decided to sell a billion-dollar stake to Abu Dhabi's biggest listed company, a move that sent its share price crashing on Friday.
International Holding Co. PJSC’s unit Avenir will hold about a 43.5% stake in Sammaan Capital after the deal, according to an exchange filing on Thursday. On Friday, shares of the non-banking financial company fell as much as 6%—the most since July 2025.
The Sammaan-Avenir deal at an 18% discount raises concerns over valuation and potential dilution, Vinit Bolinjkar, head of research at Mumbai-based Ventura Securities, told Bloomberg News.
Sammaan Capital, a mortgagor founded in 2005, has a balance sheet of $8.3 billion (about ₹75,000 crore) with more than 200 offices catering to 1.4 million customers, according to its investor presentation in August.
Sammaan-IHC Stake Sale Deal
As part of the agreement, Sammaan Capital will issue 33 crore shares and 30.67 crore warrants to Avenir at ₹139 each. That’s an 18% discount to the last close, though the shares had rallied by a fourth over six straight sessions in the lead up to the deal.
Avenir now has to make an open offer to Sammaan Capital's shareholders, as per rules mandated by the Securities and Exchange Board of India.
IHC will have the right to appoint the majority of the directors on Sammaan’s board, “which may cause uncertainties among investors about the company’s strategic direction and potential operational changes under the new leadership”, Bolinjkar said.
The $239 billion Abu Dhabi-based firm is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, who is a brother of the United Arab Emirates’ ruler and the country’s national security adviser. The Sammaan-IHC deal comes amid a period of strengthening political ties between the two countries.
On Friday, Sammaan Capital's share price fell 2.74% to ₹164.90 apiece on the BSE even as the benchmark Sensex ended the day 0.28% lower at 81,207.17 points.
